Political Toe to Toe at N.J. League Meeting

ATLANTIC CITY, N.J. — Two credit union political stalwarts went head-to-head regarding the upcoming political elections and issues at the NCUA.

John McKechnie, senior vice president of Total Spectrum and former NCUA and CUNA official, handled the GOP side, while former NCUA and Federal Housing Finance Board member Geoff Bacino of Bacino & Associates, took the Democratic position. “We have been friends for 25 years, and we drove here yesterday and will ride back today,” McKechnie quipped. “The only question is who will be riding in the trunk.”

Bacino pointed out that President Obama has 247 electoral votes considered safely in his favor. “He only has to win Florida or Ohio and one other swing state to win. And the fact that he is ahead in the polls in most, if not all, of the swing states means that the president will win re-election,” he stated.

In discussing credit unions’ efforts on Capitol Hill, McKechnie said to get any legislation passed, “The credit union movement needs friends in Congress that we can count on when the going gets tough. The community bankers are held in high regard, and there is nothing that they are doing that credit unions aren’t doing better.” Credit union trade groups have made a hard push for business lending, but as the lame duck session looms following the elections, defending the tax exemption and supplemental capital reform is on credit union minds as well.

Other topics discussed included member business lending, supplemental capital, possible changes in leadership of the House Financial Services Committee and the Senate Banking Committee andrecent decisions by the NCUA.